ZURICH, Nov. 21, 2019 /PRNewswire/ -- The Board of Directors of Chubb Limited (NYSE: CB) today declared a quarterly dividend equal to $0.75 per share, payable on January 10, 2020 to shareholders of record at the close of business on December 20, 2019. The dividend will be payable out of legal reserves and will be made in United States dollars by the company's transfer agent, as described in the Chubb Limited 2019 proxy statement. This will be the third installment as approved by the company's shareholders on May 16, 2019.
The Board also announced authorization of a share repurchase program of up to $1.5 billion through December 31, 2020. The company's current share repurchase authorization will remain effective through December 31, 2019 and while effective would be used in advance of the share repurchase authorized today. The timing and volume of any share repurchases under this authorization will be determined by management at its discretion and pursuant to the company's capital management strategy.
Share repurchases, which are subject to market conditions, other business considerations and applicable legal requirements, may be made in the open market, in privately negotiated transactions, block trades, accelerated repurchases and/or through option or other forward transactions.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding dividends or share repurchases and our expectations and intentions and other statements that are not historical facts, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, payment of scheduled dividends could be affected by extraordinary company events or capital constraints or similar factors that could require the company to adjust, delay or withhold dividend payments. Additional information regarding factors that could cause differences from these forward-looking statements appears in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Chubb Limited